I’m graduating next year and want to buy my first rental property within the next 3–5 years(maybe less but that is doubtful). I currently have no established credit. Would starting with a credit card (used responsibly and paid in full monthly) be the best way to build credit for an investment property loan? Also, for someone just starting out, what would you focus on first? I’m trying to build a strong foundation early and would appreciate advice from those who started young.
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
7mo
Yes. You can get a credit card with a small limit for gas and/or groceries. Don't splurge on it. Starting out credit, building income/savings, and learning is key. Learning can be done virtually or in person at meetups. Don't overwhelm yourself, start simple.